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Jan 10, 2013
01/13
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seven debt ceiling raises. white was just sort of -- everyone understood it would get raised and it was a time to remind people how big the debt was and nobody really took it seriously, press release. it was useful for that. once people started taking it seriously and said we are going to think about not paying the debt it bill absurd and it is -- it is absurd and it needs to be -- needs to go away or congress just needs to understand that that's the only use of it. a coin isn't going to solve that problem. looking at a darn corners of the constitution will not solve that problem. >> what is -- you know, the problem -- that -- republicans seem to have is it the leadership sort of knows that they really shun be playing politics of the debt ceiling. but the rank and file, they don't want any part of that. they want to play politics. >> this is the problem. this is my problem with people who are spending a lot of time, smart people. friends of ours who are spending a lot of time talking about the kooky ideas. you
seven debt ceiling raises. white was just sort of -- everyone understood it would get raised and it was a time to remind people how big the debt was and nobody really took it seriously, press release. it was useful for that. once people started taking it seriously and said we are going to think about not paying the debt it bill absurd and it is -- it is absurd and it needs to be -- needs to go away or congress just needs to understand that that's the only use of it. a coin isn't going to solve...
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Jan 10, 2013
01/13
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the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to reprogram all of the software in treasury's computers which connect to all of the computer software in the various agencies is not something that can be done in ten minutes or ten days or ten weeks. so you have the right to do it but you don't have the ability to do it. >> reporter: the treasury uses a separate computer system to make interest payments on the federal debt so it is possible investors would get what they are owed. but what happens with social security, medicare and federal employee pay, is less clear. so secretary lew would have to make a deci
the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to...
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Jan 10, 2013
01/13
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the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to reprogram all of the software in treasury's computers which connect to all of the computer software in the various agencies is not something that can be done in ten minutes or ten days or ten weeks. so you have the right to do it, but you don't have the ability to do it. >> reporter: the treasury uses a separate computer system to make interest payments on the federal debt so it is possible investors would get what they are owed. but what happens with social security, medicare and federal employee pay, is less clear. so secretary lew would have to make a dec
the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to...
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Jan 10, 2013
01/13
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he will be looking for more revenue to address the debt ceiling. can he effectively as a guest to his boss while managing the expectations of republicans? >> that is one of the fundamental problems here. i am not saying it is unimportant, but it is of secondary importance of who is president. he is not an independent actor. he put a deal for that was laughable. i think geithner was never given the room to negotiate beyond that. to me, the question is, if jack lew had the authority to negotiate issues, that is a second thing. if the president sent them off with no ability to negotiate and the president starts with we do not have a spending problem and it is all revenue, then jack lew is doomed from the very beginning. cheryl: we will be watching every step of it. thank you very much. we will hear from the president a little less than 90 minutes from now. dennis: all right. forget the u.s. look overseas. how is it time to buy international stock. robert, i thought china was slowing down, europe is falling apart and now you are telling me to invest th
he will be looking for more revenue to address the debt ceiling. can he effectively as a guest to his boss while managing the expectations of republicans? >> that is one of the fundamental problems here. i am not saying it is unimportant, but it is of secondary importance of who is president. he is not an independent actor. he put a deal for that was laughable. i think geithner was never given the room to negotiate beyond that. to me, the question is, if jack lew had the authority to...
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Jan 10, 2013
01/13
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we still have to deal with the debt ceiling. we've surpassed legally the debt ceiling. now we're operating on these extraordinary measures. but it could be a critical decision. our focus on the economic team is critical given there's concerns over the long-term fiscal health of the company. overall, the markets are going to be cautious in thinking about, you know, it's an awkward time to be doing this transition, but it has to be done. >> yeah. meanwhile, i mean, we haven't seen treasury yields getting up to 1.9%. they have started to come back down, george. with that is 1.9, is that sort of the top of the range? if so, what is the range that we're now in? >> well, look, i think, you know, the market started out the year a little bit too worried about the fed minutes and thinking that the fed would take away stimulus and thinking that the fiscal cliff deal resolution was indicative of what still lies ahead. we think that the debt ceiling fight is going to be a long, drawn out battle. and pretty acrimonious along the way. it's going to be very difficult to sustain rates
we still have to deal with the debt ceiling. we've surpassed legally the debt ceiling. now we're operating on these extraordinary measures. but it could be a critical decision. our focus on the economic team is critical given there's concerns over the long-term fiscal health of the company. overall, the markets are going to be cautious in thinking about, you know, it's an awkward time to be doing this transition, but it has to be done. >> yeah. meanwhile, i mean, we haven't seen treasury...
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Jan 10, 2013
01/13
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that means lew will be the main point person for this debt ceiling drama. so, what does this mean ahead of what is likely to be another hard fight? perhaps the best clues for that are in an op-ed from two years ago from jack lew. inis entitled "the easy cuts are behind us." the piece absolutely advocates getting out of our debt and getting the debt and deficit under control. but it does so by discussing some cuts in defense and then examples of scaling back things like something called the great lakes restoration initiative. not eliminating it, just cutting it by maybe a quarter of its present cost. a sav
that means lew will be the main point person for this debt ceiling drama. so, what does this mean ahead of what is likely to be another hard fight? perhaps the best clues for that are in an op-ed from two years ago from jack lew. inis entitled "the easy cuts are behind us." the piece absolutely advocates getting out of our debt and getting the debt and deficit under control. but it does so by discussing some cuts in defense and then examples of scaling back things like something...
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Jan 10, 2013
01/13
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CNBC
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you'll have the debt ceiling. until and unless that becomes a grand solution, a longer term solution where they seem like they're working together, it's very difficult to look at longs abdomen being a quarter or a half proposition. >> also looking at more volatility on the debt ceiling or, what did we just experience with the fiscal cliff? >> i know, i think it's going to be more from a price perspective. but i don't actually expect the vix to spike. the strange thing about the vix is you have to get the long positions and the options to push that up. i think this is expected volatility. i think it's going to be more of a lack of volume volatility. it's going to be one of those things where people don't want to take positions coming into that. january, i think, is going to finish positive. >> bob, thanks for joining thus morning. >> thank you. >> thank you. >>> coming up, we'll have more of the story that have us plucking this morning. plus, a new way for you to rise and is shine in the morning. plus, wake-up call
you'll have the debt ceiling. until and unless that becomes a grand solution, a longer term solution where they seem like they're working together, it's very difficult to look at longs abdomen being a quarter or a half proposition. >> also looking at more volatility on the debt ceiling or, what did we just experience with the fiscal cliff? >> i know, i think it's going to be more from a price perspective. but i don't actually expect the vix to spike. the strange thing about the vix...
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Jan 10, 2013
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CSPAN2
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>> guest: i think the parties going to sir but there may be minor -- on the debt ceiling. a lot of problem -- say we should push for many cuts as a part of the deal on the debt ceiling but the president himself has said he's not going to negotiate it also is going to put republicans in a tough position. if they want to push in the present won't play ball they will end up satisfying the activists and not getting a deal so they will have to craft a real strategy perhaps a better strategy than they had on the clip deal. >> host: texas, independent line, robert your next. >> caller: yeah, we are not seeing a republic president for another 11 or 12 years. obama has to finish out his term and hillary is going to take another eight years. rubio will help for the republicans but he is cuban and the latinos are not going to go for mexicans and latinos. you have to remember the cubans had kennedy and the russians and all that. the latinos will not follow you as they would a real latino. >> host: what was your first about speaker boehner? >> caller: he needs to have a republican pres
>> guest: i think the parties going to sir but there may be minor -- on the debt ceiling. a lot of problem -- say we should push for many cuts as a part of the deal on the debt ceiling but the president himself has said he's not going to negotiate it also is going to put republicans in a tough position. if they want to push in the present won't play ball they will end up satisfying the activists and not getting a deal so they will have to craft a real strategy perhaps a better strategy...
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Jan 10, 2013
01/13
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the debt ceiling and more among the jobs here, negotiate a debt ceiling and sequester deal with congress, or if you don't do that figure out thousand run the government without debt. an interesting job. also on that agenda, fixing long term entitlements. as well as the broader thing which geithner has been working on, but hasn't really pulled the trigger on, corporate and individual tax reform. let's broaden it out because there's a local other area especially in the wake of the financial crisis. the global finance job. who is the treasury secretary? he's the guy you need to stand up during the next meltdown. second thing, dodd-frank remains out there, unfinished regulations. basil 3. fannie mae and freddie mac as well as more on too big to fail. that's some of the new stuff. how about the old stuff in not an easy job either. he's the main spokesman for the greenback. he will negotiate with china and other partners, as well. and then he's the representative when it comes to the g-20, the imf, world bank and of course what about that other thing, he is the liaison with the business commun
the debt ceiling and more among the jobs here, negotiate a debt ceiling and sequester deal with congress, or if you don't do that figure out thousand run the government without debt. an interesting job. also on that agenda, fixing long term entitlements. as well as the broader thing which geithner has been working on, but hasn't really pulled the trigger on, corporate and individual tax reform. let's broaden it out because there's a local other area especially in the wake of the financial...
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Jan 10, 2013
01/13
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minting a $1 trillion coin to avert a debt ceiling crisis. some experts say it's not as crazy as it sounds. (dog) larry,larry,larrryyy. why take exercise so seriously,when it can be fun? push-ups or sprints? what's wrong with fetch? or chase? let's do this larry! ooh, i got it, i got it! (narrator) the calorie-smart nutrition in beneful healthy weight... includes grains and real chicken, because a healthy dog is a playful dog. beneful healthy weight. find us on facebook to help put more play in your day. >>> it may sound like a pretty crazy plan, but the idea of minting a $1 trillion coin to avert another debt ceiling battle is gaining some momentum and gaining some prominent supporters. cnn's brian todd has been working this story for us. so brian, what's the latest? >> well, kate and wolf, this has picked up more serious momentum in the last few days than any of us could have imagined, despite all of our jokes that, quote, we hold in our hands the solution to the debt ceiling crisis. this is because, mostly after the fiscal cliff and everyt
minting a $1 trillion coin to avert a debt ceiling crisis. some experts say it's not as crazy as it sounds. (dog) larry,larry,larrryyy. why take exercise so seriously,when it can be fun? push-ups or sprints? what's wrong with fetch? or chase? let's do this larry! ooh, i got it, i got it! (narrator) the calorie-smart nutrition in beneful healthy weight... includes grains and real chicken, because a healthy dog is a playful dog. beneful healthy weight. find us on facebook to help put more play in...